I am considering opening a hair salon using my home as the business location. I will be the only person employed. Should go sole proprietor or one member llc? which are the pros and cons of each one. Thank you.
tax question
Started by
ks2201
, Mar 05 2012 05:46 AM
2 replies to this topic
#2
pg1067
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Posted 05 March 2012 - 08:32 AM
Should go sole proprietor or one member llc?
We know nothing about you and therefore could not possibly provide a reliable opinion.
which are the pros and cons of each one.
You can get a wealth of information about this by googling (much easier than anyone regurgitating that information here).
#3
Tax_Counsel
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Posted 05 March 2012 - 08:54 AM
ks2201 said...
Should go sole proprietor or one member llc? which are the pros and cons of each one.
Should go sole proprietor or one member llc? which are the pros and cons of each one.
Since your subject line says "tax question" I'll answer the tax part of this: for federal income tax, a one member LLC is treated the same as a sole proprietorship. So for federal tax it won't make a difference which you choose to do. Your state might treat it differently, but you didn't indicate the state.
